Witnick Real Estate Partners Acquires Multifamily Property In Lower East Side For $8.3M

Located in the vibrant Lower East Side market, the multifamily property at 163 Rivington Street has recently changed hands. The sale, which took place on July 21, 2022, involved the buyer Witnick Real Estate Partners and the seller Gilman Management Corp. The property comprises 20 units, with an average price per unit (PPU) of $415,000. Spanning across 13,211 square feet, the property boasts a price per square foot (PPSF) of $628.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $8,300,000
• Address: 163 Rivington Street
• Market: Lower East Side
• Buyer: Witnick Real Estate Partners
• Seller: Gilman Management Corp.
• Units: 20
• PPU: $415,000
• SF: 13,211
• PPSF: $628

Witnick Real Estate Partners acted as the buyer in this transaction, while Gilman Management Corp. represented the seller. This successful deal signifies the ongoing activity within the Lower East Side market and showcases the value of this well-located multifamily asset.